Album sales – Cali Menteur Mon, 21 Nov 2022 20:00:00 +0000 en-US hourly 1 Album sales – Cali Menteur 32 32 SAFE Lending Act: Congressional effort to protect consumers | New Mon, 21 Nov 2022 20:00:00 +0000

U.S. Senator from Oregon Jeff Merkley joined Reps. Suzanne Bonamici (D-OR-01) and Pramila Jayapal (D-WA-07) to introduce the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act Act.

The SAFE Lending Act will protect consumers from deceptive and predatory practices, especially in online payday loans.

The SAFE Lending Act will protect consumers from deceptive and predatory practices that rob working families of wealth by cracking down on some of the worst abuses stemming from the payday loan industry, particularly in online payday loans, according to a Merkley press release.

What debts will bankruptcy not save you from? Sat, 19 Nov 2022 13:06:18 +0000

By liquidating (Chapter 7) or restructuring (Chapter 13) debt, bankruptcy gives overburdened customers a chance to make a fresh start. The bankruptcy court is called “acquittal” of debts in both situations.

This means that debtors lose their right to take legal action against them, including to try to collect a debt or recover property.

Consumers can take a break and start improving their credit scores after filing for bankruptcy. What debts can and cannot be discharged in the event of bankruptcy is a recurring question.

Giving debtors a “fresh start” in their financial lives by relieving them of onerous obligations is one of the primary goals of federal bankruptcy legislation passed by Congress.

Although society values ​​second chances, bankruptcy is not the only option. Some debts cannot be discharged, while others are extremely difficult.

Hiring a lawyer who can advise you on bankruptcy can help you make the best choices for your particular situation.

Two different types of personal bankruptcy

What exactly is Chapter 7?

Chapter 7 may be your best bet if you don’t have enough income to cover your credit card debt, medical bills, utility bills, payday loans, or personal loans. The procedure will be completed in a few months, allowing you to start restoring your credit quickly.

You will have little or no debt when your Chapter 7 is discharged, and creditors may believe that you will be better able to repay your loans in the future.

A few months after filing for Chapter 7 bankruptcy, many people finance cars and are approached for unsecured credit. Also, two years after receiving your discharge from bankruptcy, you may be qualified to buy a home.

To find out if Chapter 7 is right for you, it’s best to check out best credit repair companies because you may not need bankruptcy. It is crucial to study the information and discuss the options with the lawyers.

What exactly is chapter 13?

A consumer debt restructuring plan known as Chapter 13 allows debtors to settle their commitments over three to five years with one affordable monthly payment.

The Chapter 13 bankruptcy option can help you regain control of your finances from creditors who repossess your car or seize your home.

With a court-approved repayment plan that you can afford, Chapter 13 allows you to pay off some of your debt. The remaining qualified debt is discharged after the repayment plan has been satisfactorily completed.

You will also be freed from the teasing of creditors since they have to suspend all collection efforts for the entire repayment period.

For homeowners who want to keep their assets secured but have more equity than they can protect with their Ohio bankruptcy exemptions, or those whose income is too high to qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy is sometimes the best option.

You need to have a steady source of income and a little extra cash to dedicate to your Chapter 13 payment plan to file for Chapter 13 bankruptcy.

Non-dischargeable debt in the event of bankruptcy

The purpose of Chapter 7 and Chapter 13 bankruptcy is to obtain a “discharge” from debts. If the bankruptcy court reverses these covenants, you will not be held personally liable as long as you file for bankruptcy.

Most consumer debt can be forgiven, including credit card debt and medical debt. However, some debts cannot be discharged in bankruptcy because they are not dischargeable.

These are debts that Congress has decided should not be forgiven by national policy.

Here are the 11 categories of non-dischargeable debt. In other words, even if you get your consumer debt discharged, creditors will still be able to collect on that type of debt.

Others will be released if a creditor does not dispute their ability to be released. Some non-dischargeable debts do not require a hearing.

You must provide proof of unusual circumstances to obtain cancellation of non-dischargeable debts.

More than 1.4 million individuals filed for bankruptcy in 2011, significantly less than in 2010 (more than 1.5 million). This may mean that some Americans did not approve of the pardon, and some found an alternative.

Number of individuals and businesses that declared bankruptcy in the United States in 2010 and 2011


To continue to be non-dischargeable, other categories of non-dischargeable debt must be successfully contested by a creditor throughout the bankruptcy. At the hearing, the declarant of the bankruptcy and the creditor will have the opportunity to speak.

Nevertheless, the obligation will be terminated if the obligee does not object or if the court rejects its argument.

These debts are divided into three categories: those acquired dishonestly or under pretext; those suffered as a result of intentional and malicious damage to persons or property; and debts incurred from luxury credit card purchases totaling more than $650 that were made within 90 days of filing for bankruptcy and are owed to a single creditor.

Generally non-dischargeable debts

  1. Debts that were omitted from the bankruptcy petition unless the creditor was notified of the filing
  2. Several types of taxes
  3. Alimony or alimony
  4. Debts from a divorce or separation due to a child or an ex-spouse
  5. Penalties or fines due to government agencies
  6. Education Loans
  7. Debts for bodily injury caused by an impaired driving accident
  8. Debts associated with tax-advantaged pension plans
  9. Invoices from a condo or a housing cooperative
  10. Legal fees associated with child support or custody
  11. Criminal restitution, as well as other fines or legal sanctions

Alternatives to Bankruptcy for Debt Relief

Bankruptcy has adverse effects. You’ll have to wait ten years for the effects of a Chapter 7 bankruptcy to disappear from your credit records and seven years for those from a Chapter 13 bankruptcy.

This could make it more expensive or possibly impossible to get a credit card or borrow money in the future for things like a mortgage or car loan. It can also have an impact on the cost of your insurance.

It is important to research other debt relief alternatives before filing for bankruptcy. Negotiating with your creditors to lower your interest rates, get some of your debt forgiven, or extend the time you have to pay it off is often the first step to debt relief.

Since they will gain more from the deal than they would if you filed for bankruptcy, creditors generally benefit from the debt reduction.


You can use bankruptcy to get rid of debt from credit cards, medical bills, and collection calls.

Even the best-executed bankruptcy petition won’t always be enough to completely pay off your debts, including student loans and child support obligations.

A lawyer can explain the extent of the amount of debt discharged you will have.

They will describe the different types of debts and those that a Chapter 7 filing could not discharge. You will also get advice on how to manage these debts from your lawyer.

Category: NEW

The fourth major bank launches a program of small loans Wed, 16 Nov 2022 14:00:00 +0000

Wells Fargo launched a widely available small-dollar loan Nov. 16, making it the fourth major bank to offer an affordable alternative to expensive payday loans. With the move, financial institutions that operate nearly 13,000 branches, or about 18% of all bank branches in the United States, now offer automated, near-instant small dollar loans to their customers.

This change unlocks access to borrowing for many checking account customers with low credit scores who might not otherwise qualify for bank credit. Banks have found that these customers are likely to repay the loans because of their previous relationship with the bank and because the loans are repaid in affordable installments over several months.

The maximum amount for these loans is set at $500 or $1,000, depending on the bank, allowing consumers to borrow as much as they would from a payday lender, but at a much lower cost and with strong guarantees. Payday loans typically carry interest rates over 300% and often feature unaffordable lump sum payments that can eat up a large chunk of borrowers’ regular paychecks. In most cases, repeated use results in borrowers carrying costly debts for several months.

Although banks use different criteria to determine eligibility for small dollar loans, the top four that offer them – Bank of America, Huntington, US Bank and Wells Fargo – primarily base their qualifications on the customer’s account history. with them ; for example, if the potential borrower has been a customer for a number of months, regularly uses the checking account or debit card, or has direct deposit for paychecks. The 12 million Americans who use payday loans each year have a checking account and income, as these are the two requirements for getting a payday loan.

Large banks offering small loan amounts charge prices at least 15 times lower than average payday lenders. The loans are repayable in three to four months, which corresponds to consumers’ opinion of the time needed to repay small loans. Compared to typical payday loans, which keep borrowers in debt for an average of five months of the year, consumers can save hundreds of dollars by using loans from banks instead. For example, the average cost to borrow $400 for three months from a payday lender is $360; meanwhile, these banks charge $24 or less for this credit. Similarly, the average cost to borrow $500 for four months from a payday lender is over $500 in fees alone, while the cost of borrowing through one of these banking programs is, at most, $35.

Previous research has shown that using payday loans can put customers at greater risk of losing their checking accounts, suggesting that borrowers of small bank loans may reap benefits beyond saving hundreds of dollars. dollars in fees. And because the average payday loan borrower makes about $30,000 a year, or less than $1,200 per paycheck every two weeks, the total savings would be substantial.

When Pew surveyed payday loan borrowers, 8 in 10 said they would borrow from their bank if it started offering small loans and they were likely to be approved. Their main criteria for choosing where to borrow included how quickly money would be available, how certain they would be of being approved, and how easy it would be to apply. Banks all have quick and easy online or mobile applications and place loan proceeds in customer accounts within minutes. It’s much faster and easier than any payday lender’s process. This speed and ease suggests strong customer acceptance of small bank loans.

Checking account customers who turned to payday lenders and other high-cost lenders because their banks didn’t offer small loans now have a far more affordable option than any that were widely available. These new small loans are now an option partly thanks to well-designed advice from the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, the Office of the Comptroller of the Currency and the National Credit Union Administration who welcomed the automation of this type of lending and gave banks the regulatory certainty they needed to develop these products.

So far, only Bank of America, Huntington, US Bank and Wells Fargo have stepped up to offer safe, low-payment loans or lines of credit to their most-needed customers who would not normally qualify for bank loans. Several other institutions have announced that they are developing new small loan products. To reach millions of borrowers and help them save billions of dollars a year, compared to what they owe to payday lenders, more banks need to prioritize financial inclusion. To do this, they should join these four in offering similar credit to their customers who need the most help.

Alex Horowitz is a Principal Officer and Linlin Liang is a Senior Associate of The Pew Charitable Trusts Consumer Lending Project.

Catholic Charities Help People Achieve Financial Independence Sun, 13 Nov 2022 10:39:03 +0000

Catholic Charities of Central and Northern Missouri is now helping families recover — financially.

The nonprofit launched a financial wellness program over the summer.

Just last week, his first participating family managed to refinance a payday loan into a manageable payment program.

But the change didn’t happen overnight, according to Kathy Frese, the association’s financial stability specialist.

Modeled after a similar program at Catholic Charities of Northeast Kansas, the wellness program aims to break a circular cycle of predatory lending.

“(Catholic Charities of Northeast Kansas has) a great resource for me to get the program started,” Frese said.

According to the Catholic Charities Financial Wellness webpage, the program aims to help families take control of their daily and monthly finances, gain the ability to absorb financial shocks (or weather emergencies that cause financial hardship), get on track to achieve financial goals, and create financial freedom to make choices that allow them to enjoy their lives.

A Catholic Charities donor helped develop the needed partnership with Mid-America Bank, which could provide loans to eligible customers and repay existing payday loans.

“People entering the program must show they have the ability to repay the loan,” Frese said. “The first family was a referral through the pantry. We started by meeting with them – talking about their finances.”

She had to get some basic information from the client and know what results the client wanted. Frese had to develop a financial image for the family.

“We have to do it based on their goals. Their original goal when they came to me was, ‘We want to be able to save and buy a house.'”

It was going to be tough, Frese said.

Catholic Charities had to help the family pay off their debt. One problem was that the family was facing a high interest loan. The program is intended to help overcome these barriers, she said.

The family met the nonprofit’s requirements before Catholic Charities and Mid-America Bank could refinance their payday loan, which carried an interest rate of 300%.

“When I went last week to pay off the loan, it was clearly posted on the counter – 300% interest,” Frese said. The current prime rate is 7%. “Our program is prime plus 3%. That’s a pretty big amount if you want to get that rate.”

The program limits the loan to $2,700, which must be repaid within 18 months.

But the program does not stop once the client has won the chance to receive the loan.

Frese must guarantee to the bank that the customer can support this loan payment. Clients participate in monthly case management with her during the loan program.

“I give them tools to track their spending. We give them advice based on what they value,” she continued.

Sometimes, she says, just taking a few hours to think about a financial decision may be all a person needs to decide they might have alternatives.

“We’re talking about having these debts – what are we doing to start reducing them?” asked Frese. “We’re starting to come up with a plan through monthly coaching. If they write it down every time before they spend money, they might think twice about making that purchase.”

Customers now have access to resources they never knew existed. The Consumer Financial Protection Bureau has a variety of resources and tools that Frese has used to help people.

During the first meetings with clients, she presents them with a questionnaire on financial well-being. It sets benchmarks for the program.

“Six months later, we can see if we’ve made a difference and improved,” she said.

Frese said she was struck by the financial lessons parents gave her clients. They basically told customers that when they reached a certain age, they were adults and had to fend for themselves.

“One comment that struck me was that they said, ‘My parents didn’t teach me any of these things,'” Frese said.

She said a “sink or swim” approach doesn’t work for people trying to get their financial house in order.

“We want to put them in place to be successful,” Frese said. “We don’t want to put them in a position where they struggle.”

41% of students plan to drop out due to money worries – Reading Today Online Tue, 08 Nov 2022 07:11:41 +0000

RESEARCH by a leading credit management company found that 76% of students are worried about making ends meet while in college, and 41% are considering quitting smoking.

Lowell’s research on student debt habits found that more than three-quarters of students (77%) develop personal debt, excluding tuition fees and student loans, while in class.

The use of credit comes mainly from the use of credit cards, overdrafts, buy it now programs and payday loans.

John Pears, CEO of Lowell, said: “College should be an exciting and rewarding experience, but for young people who leave home and can’t depend on family money, it can also be costly.

“Getting into debt while in college can be worrisome, especially if you don’t have a regular source of income or a guaranteed job for graduation. We want students to know that they are not alone when it comes to struggling with college debt.

“If you are concerned about your situation, help and support are available. A list of independent organizations that can offer support is available on our website.

Just under one in ten students rely on payday loans for small amounts of money with an extremely high APR.

The study suggested that students who rely on this form of borrowing could end up with permanent debt problems, especially if they intend to pay them back with student loans or scholarships.

With a 0% overdraft, many students are drawn to what may seem like “free” money. However, after college, many banks expect students to pay off their overdraft within 1-3 years, putting even more pressure on graduates to find jobs in a market. competitive work.

Naturally, the top spending priorities are weekly groceries, rent, and bills, but despite financial pressure, 34% of students said they were likely to spend money on nights out , take-out or dining out.

Excluding tuition fees and student loans, graduates leave university with an average debt of £2,332, taking 3.8 years to pay it off in full.

About 15% of graduates finished university with over £5,000 in extra loans. Of all those surveyed, 16% took four years or more to pay off the personal debt they had accumulated while in college.

Sheldon Allen, President of the University of Reading Students’ Union, said: “We are working with the university to address a range of priorities in [the cost of living crisis]. We believe that every student should be able to have a low-cost hot meal on campus and that students should be supported if they encounter difficulties.

“To work on resolving the crisis, we are collaborating with the university and have launched a new UoR/RUSU Cost of Living Task Force. The task force is co-chaired by me and Elizabeth McCrum, Vice Chancellor for Education and Student Experience. It brings together key people from across the university community to tackle these issues and work to further support students with the cost of living.

To access support, visit:

Lefsetz Letter » Blog Archive » Takeoff Wed, 02 Nov 2022 20:56:18 +0000

If this guy was white…

Most people have no idea what’s going on behind the discs. Despite the bluster, the silver flash, the real life of these rappers is not depicted.

They are in danger.

In an underground economy.

It’s the rock and roll of old. A cash business, but much more dangerous.

Not that I knew that much until I read Joe Coscarelli’s book, “Rap Capital: An Atlanta Story”: and spoke to him for the podcast: https ://

First, we have a huge incarceration problem in America, which disproportionately targets black men. It’s amazing how many of these eventually famous rappers go in and out of prison. And if you think racism is outdated, you need to be on the Supreme Court. There are places in Georgia where rappers are on their toes due to notorious white police crackdowns on petty crimes.

As for the pay…

Everything looks simple from the outside. There are record company royalties and concerts. But it’s much more complicated than that. There’s tons of cash gigs the IRS not only misses rich CEOs but also rappers, who themselves are sometimes incredibly rich because of this economy, where you show up at a club to rap for follow and… you can do several concerts per night. That’s another amazing thing about Coscarelli’s book, how rich some of these rappers are.

Not that a career is guaranteed. It’s one thing to have a hit, it’s another to maintain it.

And it’s not just the underground economy that’s involved, but also the Fortune 500. They know that rappers have the most credibility, not to mention popularity, with the target audience, so they go into business with them. . It used to be that you had to have a certain number of visits before companies called you, but now they’re involved from the start.

And so many acts are disposable. And find themselves where they come from. Never mind the fact that many do not.

And while rockers and old swaggers are still trying to figure out the internet, it was embraced by the hip-hop community right from the start. Rappers knew that you had to give to receive, like a drug dealer. They knew it was about getting the big money, not the little one. Ergonomic Mixtapes. These recordings endeared them to an audience that bonded with them. There was a lot of money on the road, if you had fans.

And cultural.

And, culture involves a lot of posturing and violence.

And white people and the mainstream media might report it, but they don’t denounce it.

It’s taken for granted that rappers get shot. Why?

Well, we could go to the source and ask why black people don’t have more opportunities. Coscarelli writes about college graduates who end up doing manual labor. But affirmative action is taboo, because someone might gain an advantage that has been incorporated into a majority group. I mean you have to attack the problem at some point.

And let’s be clear, it’s not what you learn at Harvard or Yale, it’s the people you meet, who are part of your network. JD Vance was a hick until he went to Yale Law School, built relationships, worked with Peter Thiel, and ended up writing a twisted book he used as a platform to run for Senate from Ohio. Where is the concomitant advantage for blacks?

Believe me, the upper middle class knows all the tricks. But even the middle class has no idea, that the best educational institutions are blind to need, and if you can get in and you’re broke, you don’t have to pay a dime.

America’s information deficit, right there.

So think of all the people who profit from rapping. White-run labels, TV and streaming companies, the aforementioned Fortune 500, but none of them lift a finger to counter the violence in the culture, they don’t even bother to speak out against it.

This is racism incarnate.

As for George Floyd… All the companies that have supported black people… that was then and this is now, the end result is far from major, it’s the same as ever.

So if a white rapper had been shot, there would have been front-page stories about his family, their devastation. And there would be investigative articles in the media asking how this could happen. How this honest citizen of good family got suffocated. Yeah, they were coating the background of the deceased, were they reading an obituary where they said the person was an arrogant punk?

And all the government leaders would come together and talk about action.

Meanwhile, where are the stories about Takeoff’s family? Where is the deep dive into his past life?


We can start with gun control… But it seems to go the other way. I would think twice before moving to Texas, where anyone can carry a gun without a license. Rave me about the supposed economic benefits all day long, they don’t mean much when you’re dead.

The truth is that white people and the mainstream community don’t care if another black person dies. Just one less mouth to feed. Yeah, that’s how they see it, that black people are taking it, always wanting more, the government has to stop supporting them.

While they’re at it, why don’t they take out all that money the government disproportionately gives to red states, huh?

And an advanced society watches over those at the bottom of the economic ladder. In most western countries. But welfare was stifled under the Clinton administration and the idea that black women just have babies and are supported by the government is wrong. You think someone should take your money, that you should pay less tax, but when there’s a natural disaster, you want federal help right away.

Yes, there must be a scapegoat. And blacks are number one.

Even if their schools are not up to standard. The right says that you have to choose the school, close the bad schools, only there is not enough room in the good schools for all the disadvantaged! And in truth, it is only a ruse to advance the cause of religious schools, which are not free, and if you are not a believer…

And don’t equate every rapper with Kanye. They’re not that rich and they’re not that crazy. They are just trying to survive.

So we have to take the guns off the streets. Enough of throwing our hands in the air. When your kid gets shot, you go crazy, and someone else’s kid?

And how about a denigration of violence. Why are gangs and violence portrayed as cool? A lot of kids join gangs not because they’re cool, but just to survive. And since the police are ineffective, the gangs and others take the law into their own hands. And since opportunities are scarce, kids sell drugs, for that quick cash, I mean how long are they going to live anyway?

That’s what amazed me in “Hoop Dreams”. They threw a big birthday party for the player because living to be eighteen is such a feat. Do we feel the same as white people? That just staying alive is something to celebrate?

And often they find the perpetrators and lock them up, but that’s not really a deterrent, because they don’t think they have much of a future to begin with. And honor and image are everything, as if we were living in the feudal past.

All those talent agencies and apparel companies can drop Kanye like he’s hot, but how about dropping those involved in violence. Believe me, if you take away the few opportunities, it will change the culture.

As for clubs and strippers and making it rain…

Everyone can choose how they want to live their life but we flood these great athletes with money that they have no education on how to spend and then they blow it up and end up broke and eventually dead with CTE. But gamers are disposable, just like rappers. Hell, most NFL players don’t even have guaranteed contracts! Get hurt and you’re out. We don’t care about you. Life is hard. Meanwhile, the bad actor billionaire owner continues to rape and plunder not only in business, but also in his personal life.

It’s a way to demonstrate your status, by earning money and spending it.

Now, in truth, on TikTok there are all these videos that talk about money, about the economics of buying a new car, about investing. Maybe newcomers will see them, but we don’t even teach economic skills in school, because if we did, salespeople couldn’t laugh at these customers. Dollar stores, payday loans… They’re obnoxious, but if you’re broke, sometimes you don’t have a choice.

Somehow, America has flipped, and it’s white people who are at a disadvantage. What’s a poor boy to do? Don’t play in a rock and roll band, BUT BECOME A RAPPER! It is one of the few potentially well-paying jobs for an underprivileged youth, other than drug dealing.

But we demonize these people, because we take advantage of their backs.

Come on, black people are way above their weight when it comes to culture. And, unfortunately, this culture of gun violence impacts not only them, but also white people, BECAUSE IT’S SEEN TO BE COOL!

Let me tell you, when you’re dead, nothing is cool. Finito. It’s finish. The challenge is to stay alive. Shit, the government should give a million dollars to every rapper who hits 40. Better yet, a guaranteed income for all, including blacks.

But no one wants to PAY FOR IT! I don’t understand, you want to live in Venezuela? I’ve been there, the wealthy people live in the hills in houses surrounded by concrete walls topped with barbed wire.

You think you are immune, but you are not. We live in a big society. And you are part of it, and you are vulnerable. If you don’t take care of your siblings, raise them, it will impact you negatively.

But then you have all those executives who say they’ve made their billions and don’t recognize that without customers they’d have NOTHING!

Consumers are kings. But that’s not how our society sees it. We worship the rich and criticize the poor, ignoring what goes on in their brains.

And when it comes to hip-hop, it’s all about creativity. You don’t get to the top by accident. So why can’t we recognize it, except in award shows that nobody watches anyway?

Certainly, everything fades almost instantly these days. But in the aftermath of Takeoff’s death, I haven’t seen any official elected commentary on it. I didn’t see any outcry. At best, there was a shrug.

And that’s not right.

Something has to give. And if you don’t fix the underlying problem, it will affect you.

Come on, is anyone outraged that this guy was shot?

I suppose not.

Kim and McGuire face off in Lake County Treasurer’s campaign – Chicago Tribune Thu, 27 Oct 2022 21:46:41 +0000

Four years after becoming Lake County treasurer in a 2018 blue wave election, Mundelein Democrat Holly Kim faces a challenge from Republican Paula McGuire of Green Oaks.

Kim touts nearly $10 million in investment income earned in 2020, up from $2 million four years ago, the launch of online billing to reduce printing and postage costs and the launch of a 24-hour support system among its achievements.

She also said she had raised the profile of the office from a time when “no one really knew anything about the Treasurer’s Office”, despite a host of challenges presented by the COVID-19 pandemic.

McGuire, a longtime accountant for PwC, says things aren’t going so well and she can usher in changes to better serve Lake County residents.

“I think there’s a fine line in being a PR office and having some sort of fiduciary professionalism in place as well,” McGuire said. “I think the main focus would be to make sure that community assets are properly protected and then you would make sure that individuals in the community actually have access to all the information that they are looking for and maybe you would report, of course on a quarterly basis, what is going on in this office.

Kim took the job with a vision to play a bigger role than just being an office that “just collects the money” from property tax payments and manages a portfolio worth a few hundred million dollars. dollars in county assets.

“It’s true, this office is just collecting the money,” Kim said. “But honestly to God, with the way we invested and returned money, it all helped the county keep its levy flat for three straight years because we got all those extra millions of dollars. So I guess we can help in different ways.

Kim said the increase in investment income was partly due to investments made in ways that his predecessor, David Stolman, “didn’t realize” were available after updates to state laws governing the management of county investments, including the seizure of corporate and municipal bonds. markets.

She added that this raise helps the treasurer’s office “give back millions” so the Lake County Board can then “do things like road projects or flood (mitigation).”

McGuire said she wondered if the wins shared by Kim might be too good to be true.

“If I asked (Kim) specifics about it and how it happened, I’m not sure she could answer that question,” McGuire said. “I found that to be a bit, how do you say that…impossible. If you’re investing according to state regulations and looking at the rates of return over those years, and I don’t want to answer to her question in her place but in my opinion the only way to do that is if you have a huge base influx I kind of tried to press her on that in another situation and she didn’t haven’t really been able to answer the question.

Republican Paula McGuire of Green Oaks is challenging Democratic incumbent Holly Kim for Lake County treasurer in the Nov. 8 election.

McGuire said that if she were to win the job, she would want to ensure that investments are made in clearly permitted areas as defined in state regulations, which she said, “there is a question whether or not this has actually happened in the past here for the past four years.

“Because I’m not a politician, one of the things most people say when dealing with the treasurer’s office is that they want to be more transparent and more specific,” McGuire said.

She said that in order for residents to “get the details” on the desk, “you need the FOIA.”

Kim said she has made other improvements to benefit taxpayers, including reducing eCheck fees to free for online and phone payments, as well as joining the Illinois BankOn Commission, in the part of a mission to get people to avoid taking out payday loans.

“We work with the state; it’s really a move in that we’re moving people away from payday loans and starting a relationship with a bank or credit union instead,” Kim said. “There are a lot of things I’ve been involved in that this office has done to help people.”

McGuire said her “stronghold is numbers” and that she has the financial sense to “act proactively instead of worrying about acting reactively”. A Lake County resident for more than 25 years, McGuire said, she has experience in the insurance industry, banking industry and financial investment services.

She said now was the right time to run for public office since her kids are grown and she’s not one to sit around and complain about things she’d like to see changed, rather than d act to implement them itself.

“With the political climate as it has been for the past five years or so, I don’t think anyone can really sit down and complain about something unless they’re trying to do something,” McGuire said. .

Kim explained that a decision during the pandemic to allow residents to pay their property taxes in four installments shows her ability to adapt and thrive in the role under difficult circumstances.

She said 2022 was the first “normal collection year” during her tenure after figuring out how to handle new software launched by her predecessor, which she said had many “development issues”. Allowing four payments was impractical, Kim said, “but it was the right thing to do.”

“What it did then in the third year that I was here was that we were running two fiscal years, so it was hard for our accounting to catch up,” she said. “There were certain things like the tax sale that we had to pay twice in a year.”

Kim said she’s also taken an active role in advocating for legislative changes that help county residents, including one that ensured more than 5,000 mobile home owners in Lake County would have capped late fees. $100 or 50% of their initial tax bill, as applicable. is lower.

She previously said there were instances in Lake County where customers were unable to pay their property taxes due to accrued late penalties, which she called a policy holdover from politicians who, according to she wanted to “keep the poor in poverty”.

McGuire pointed to a mistake made earlier this year when many residents mistakenly had both installments of their property taxes withdrawn from their bank accounts, instead of the first payment as expected, as evidence that a change is needed. locally.

Kim explained in a June Facebook post that the double charge happened due to “human error.”

McGuire, as well as some people who commented on Kim’s post, criticized the error for possibly causing bank accounts to be overdrawn, resulting in overdraft fees, and even the disruption of other scheduled payments.

“My question is, how do you split this two-payment process into four payments, but not test it enough to make sure it’s not going to double?” McGuire said. “I don’t understand how this could have happened.”

How to prepare for a recession — even if -2- Tue, 25 Oct 2022 18:51:00 +0000

People should also be aware of the risks of “old-school predatory lending,” Williamson added, including payday loans, auto-title lenders and rent-to-own businesses. Payday lenders in particular tend to settle in communities of color, Williamson said, and are marketed as easy ways to get money. Often these loans come with high rates.

“They have an established presence in the community, and in many ways low-income consumers need to look beyond that to determine if there are other, more sustainable ways to get a small loan,” said Williamson.

When credit becomes harder to come by during a recession as lenders limit borrowing, people will be tempted to turn to abusive products and worse terms because it seems like whatever is available, Friedline said.

Credit card issuers previously reduced credit limits during the COVID-19 pandemic and the Great Recession, a measure that may help them avoid losses from consumers unable to repay debts, according to a June report from Consumer Financial Protection Bureau. However, these discounts can dramatically increase usage, or consumers maxing out their cards, which in turn can lower credit scores and make it even more difficult to borrow.

“People on low incomes are short on money, so you may know you’re being scammed, but what other options do you have?” Friedlin said.

Still, she said to watch out for promises of “a new product you’ve never heard of before that’s positioned as something that’s really going to help you,” like payday advances offered by an employer, which may come with a fee. and have worried some consumer advocates.

Given these vulnerabilities, Friedline added, policymakers could put in place more regulations and consumer protections, like interest rate caps on small loans. “The exploitation that we think is likely to happen doesn’t have to happen,” she said.

Of course, not all forms of support are scams. There are government programs that will help cover or reduce utility bills, for example. Consumers can sign up for Federal Trade Commission email alerts to stay up to date on money-saving tips and scammers taking money.

People can contact the Consumer Financial Protection Bureau with complaints about financial services, Friedline noted. The agency also offers several guides for those looking to buy a home, maintain their financial health in emergencies and disasters, or plan for retirement.

Collins, of the University of Wisconsin-Madison, noted that it helps to keep an open dialogue with family members about the financial situation. It’s normal to feel stressed about your budget, but there’s no point in ignoring the problems.

“The more people can talk about this stuff, whether it’s virtually or with friends and families or others — just so it’s less taboo — that’s important,” Collins said.

-Emma Ockerman


(END) Dow Jones Newswire

10-25-22 1451ET

Copyright (c) 2022 Dow Jones & Company, Inc.

In a pinch? Here are the four loans you can get the fastest Sun, 23 Oct 2022 14:30:49 +0000

Image source: Getty Images

When you’re in a bind and need cash fast, it’s important to know what your options are. There are different types of loans that you can get relatively quickly, depending on your needs. Before taking out a personal loan, it’s important to understand the different types of personal loans and find the one that’s right for you. Here are four of the most common.

1. Credit cards

If you have good credit, you may be able to get a cash advance on your credit card. This is usually a quick and easy process, but it will come with high interest rates. So if you are able to repay the loan quickly, this could be a good option. Cash advances can be very useful in an emergency situation when you need money immediately.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

Another benefit of using a credit card for a cash advance is that you may already have money available on your line of credit that you can use. This can be useful if you don’t want to take out a new loan or use other assets as collateral. However, using a credit card for a cash advance also has some drawbacks. First, as mentioned earlier, interest rates on cash advances are usually very high. This means that if you don’t repay the loan quickly, you could end up paying a lot of interest. Also, most credit cards have limits on how much you can borrow as a loan. So if you need a large sum of money, this might not be the best option.

2. Payday Loans

Payday loans are one of the fastest ways to get cash, but they come with high interest rates and fees. They’re usually only for small amounts of money, so if you need a lot of cash quickly, they’re probably not the best option. However, if you just need a little extra money to last you until your next paycheck, a payday loan might work. Payday loans are not ideal, Nevertheless. These are short-term, high-interest loans, usually due by your next payday in a single amount. Currently, 37 states regulate payday loans due to their high costs.

Payday loans are usually for $500 or less and are due on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. A typical two-week payday loan can have annual percentage rates (APR) as high as 400%. By comparison, credit card APRs can range from 12% to 30%. Payday loans should be considered an option of last resort.

3. Pawnbroker

Pawnbrokers are short-term loans secured by an object of value that people bring to a pawnbroker. As they are backed by the value of the object, they are cheaper than payday loans but are more expensive than a conventional loan. Pawnbrokers are regulated by the government. This type of loan is ideal for people who need cash quickly without a credit check.

Loan terms vary by pawnbroker. People can use valuables, such as jewelry or electronics, to get a loan based on the value of the item. No credit check is required. Those who may not qualify for a traditional loan can consider a pawnbroker. Once the loan amount is paid off, you will receive your items. If you don’t pay it back, the pawnbroker can seize the secured items.

4. Securities Lending

Title loans are another quick way to get cash. They are short lived secured personal loans supported by your car. Financial institutions put a lien on your car. If you are unable to repay the loan, they can seize your car, as it is used as collateral. Title loans generally do not consider your credit and can be approved quickly. However, a title loan is very expensive, with an APR of around 300%.

These are four of the most common types of loans that you can get relatively quickly. Consider which one best suits your needs and compare interest rates and fees before you apply. Understand how these personal loans work can help you make a smarter decision.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

PourMyBeer offers a more efficient way to serve drinks Wed, 19 Oct 2022 11:30:55 +0000

If you’ve ever stood in line at a bar or a drinks cart, you’ve probably felt frustrated. This is exactly what gave the idea of For MyBeverageoriginally known as PourMyBeer.

The company uses innovative technology to solve this near universal problem. Learn about their system and the company’s journey in this week’s Small Business Spotlight.

What the company does

Offers beverage pouring systems.

Founder and CEO Josh Goodman told Small Business Trends, “We’ve invented a way for patrons in bars, restaurants, hotels, stadiums and golf courses to access and pay for drinks as they go. measure. This method of dispensing is 400% more efficient than any other beverage vending method and requires 50-70% less staff than traditional beverage vending methods.

Business niche

Provide reliable and durable solutions.

Goodman says, “Our systems have never been replaced, while we have replaced approximately 20% of our competitors’ systems that they have sold. This is due to better designed hardware and software, combined with a commitment to not let our customers down. »

How the company started

After a negative experience in a traditional bar.

Goodman explains: “One evening in a bar in Baltimore, it took me 20 minutes to get a drink and the idea occurred to me: ‘I have the right to pump my own gasoline, why can’t I not serve me my own beer? I obsessed over this for a few weeks and wrote a business plan, then built my own prototype and learned how to write code to allow customers to pour their own beers.

Biggest win

Close deals and grow over time.

Goodman says, “Initially, it was about closing the first deals to allow the company to survive even its first year. Later I would say it was our first $500,000 month and we could hire more people to keep up with the growth. The most recent major victory should be the conclusion of the agreement with Coca Cola partners EuroPacific to buy 25% of our company. This partnership has opened many more doors that would not have been opened otherwise.

The greatest risk

Make a big investment with a new partner.

Goodman adds, “In November 2014, with few options, I took out one of those payday loans that you have to pay back daily, I cashed in all my remaining 401k + Dunkin shares to place a $100 deposit. $000 from the Austrian engineering company to manufacture our own proprietary Self-Pour technology. I had never sent so much money anywhere, let alone overseas. I trusted them and needed a product by April 2015. I figured if it didn’t work, at least I would come out in a blaze of glory. Fortunately, he did.

Lesson learned

Find trusted partners.

Goodman explains: “From 2010 to 2013, I worked with shady business partners in Ireland. They never had my best interests in mind, but I was blinded by my enthusiasm to continue down this path. Although I have learned a lot during this time, dealing with people whose morals and values ​​are not aligned is never worth it.

How they would spend an extra $100,000

Taking their mobile concept.

Goodman says: “I would build 2 self-pouring trailers for the events so we can prove how much more efficient this is than expecting concertgoers to wait in 20-minute queues. for a drink.”

fun fact

Their specialty is not beer.

Goodman says, “Although we started our business as PourMyBeer, the number one selling product in the country every month through our system isn’t beer, it’s margaritas on tap. Our best location sells over $60,000/month in margaritas on tap. »

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Image: For MyBeer

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